Ordinance 1858-92 - Laserfiche WebLink

indebtedness created by this Lease, together with all other_ non- voted debt of the City, to exceed one and one-half percent (l %) of the value. oftaxable property within the City as of the time the determination is made, or cause the total amount of lease indebtedness of the City then outstanding to exceed three-quarters of one percent ( . 075%) of the value of taxable property within the City, all in accordance with RCW 39. 36. 030 and RCW 35.42 .200; and (3) in no event shall the Lease Payments, including both principal and interest components thereof, exceed prevailing rates for comparable space in the Everett metropolitan area on the date thereof. C. Interest Component of Lease Payments. The parties hereto intend that tThe interest component of Lease Payments, representing interest on the principal component of Lease Payments to be set forth in Exhibit B-1, has been shall be determined through a competitive bidding process conducted under by Seattle- Northwest Securities as direction dircctcd of by the City, following substantial completion of the Improvements. This bidding process shall be undertaken for the purpose of accomplishing the take-out financing generally described in the Request for Proposals. As part of such process, the City has shall determined, in its sole discretion, the interest rate component to be applied to each annual amortization of the principal component of Lease Payments, the dates on which the principal components and interest components of Lease Payments shall be due (interest on each principal component to be payable semiannually, with a single principal component payable each year) and such information is ehall be set forth in Exhibit B at or prior to the Payment Obligation Commencement Date. The interest rate component of such Lease Payments shall not exceed the rate(s) at which the Lessor may assign this Lease at a price of 100% of the total principal portion of the Lease Payments to an assignee acceptable to and selected by the City. D. Pledge to Pay Lease Payments. From and after the Substantial Completion Date, the City covenants to make all Lease Payments, as determined in accordance with this Section 4 . 1, at such times and in such amounts as set forth in Exhibit B-2 . The general obligation and indebtedness of the City. The City hereby pledges to budget and appropriate from revenues available without a vote of the City's electors, amounts sufficient, together with other money legally available therefor, to make such Lease Payments when due, pursuant to the authority granted the City by RCW 35.42 .200, and subject to applicable statutory debt limitations. B-10 KR170 92/01/27